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Mobile Biometrics Market to reach $184.8 Billion By 2031 toSoars to New Heights as Security and Convenience Collide 

10-13-2023 04:11 AM CET | IT, New Media & Software

Press release from: Allied Market Research

Mobile Biometrics Market to reach $184.8 Billion By 2031 toSoars

On the basis of authentication mode, the single factor authentication segment dominated the overall mobile biometric industry in 2021, and is expected to continue this trend during the forecast period. This is attributed to easily deployable timekeeping and employee monitoring applications of single factor authentication solutions. However, the multi factor authentication segment is expected to witness highest growth, owing to rise in number of cyber-attacks and privacy concerns, which is expected to fuel growth of the multi factor authentication segment of the global mobile biometric market.

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Region wise, the mobile biometric market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to high concentration of mobile biometric solution vendors in the region, which is expected to drive the market for mobile biometric technology during the forecast period. However, LAMEA is expected to witness significant growth during the forecast period, owing to its growing digital and economic transformation and the developing communication network infrastructure in the region, which is expected to fuel growth of mobile biometric solutions in the region in the coming few years.

KEY FINDINGS OF THE STUDY:

► By component, the hardware segment accounted for the largest mobile biometric market share in 2021.

► By region, North America generated highest revenue in 2021.

► By industry vertical, the public sector segment generated the highest revenue in 2021.

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Mobile biometric solutions can help in multi-factor authentication (MFA) by leveraging a mobile device as a first factor and that device to authenticate a unique biometric identifier as a second factor. The biometric authentication mechanism can rely on fingerprint recognition, face recognition, voice recognition, or a combination of these. Furthermore, biometrics can be used as a substitute for (or in addition to), a regular text-based password. Furthermore, key factors that drive growth of the mobile biometric market include growing number of cyber threats and attacks on business enterprises. In addition, various government regulations and industry standards for safeguarding user data are promoting the use of mobile biometric devices. However, high implementation cost of mobile biometric solutions can hamper the growth of the mobile biometric market. On the contrary, increasing penetration of IoT solutions are expected to offer remunerative opportunities for expansion of the mobile biometric market during the forecast period.

Biometric systems have been brought into the spotlight during the period of the pandemic as a key technology for early detection, patient screening and public safety monitoring, in an effort to contain the spread of COVID-19, surveillance, border control, law enforcement, healthcare and biotechnologies sectors were few of the key markets that were rapidly introducing the use of biometrics devices to properly and hygienically secure healthcare and patient care facilities. In addition, new advancements in the field of artificial intelligence were being developed to try to counter-balance any identification problems due to partial face concealment (with face masks), which remains a prevalent challenge for face recognition, thus aiding the growth of mobile biometric market forecast during the period.

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Key Market Players:

►3M

► Apple, Inc.

► Aware, Inc

► BIO-Key International

► HID Global Corporation

► M2SYS Technology

► NEC Corporation

► Nuance Communicatio

► Precise Biometrics AB

► Safran, Inc

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

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